Build-to-suit ground lease on Route 31

Description:

This is a build-to-suit ground lease, not a take-it-as-is dirt lease. Ownership wants a project on this site and will construct a building to a tenant's specifications and program. Bring the concept, the prototype, or the plan set — that removes the largest barrier for an operator who wants a purpose-built location on Route 31 without carrying construction risk or tying up capital in real estate.

The site is 0.8 acres of raw, unencumbered land fronting Illinois Route 31 (N LaFox Rd), the primary north-south commercial spine of the Fox River Valley, and it is zoned B-1 Gateway Business — the Village of South Elgin's gateway commercial district. B-1's development standards are unusually permissive for a suburban district: 80% maximum lot coverage, zero minimum setback on all four sides, a 50-foot height limit, and parking allowed in the rear, side, or front yard. Restaurant, retail, garden center, medical and dental, professional office, day care, personal services, financial, and hospitality uses are permitted by right.

Terms run from short-term through 50 years. A term of that length supports franchise financing, SBA structures, and corporate real estate approval, and lets an operator amortize a building, fixtures, and equipment over a real horizon.

Panton Mill Station, a 100-unit rental community completed in 2020, is about 1,000 feet south on the same street. Tenant to verify zoning, use approvals, and all site conditions with the Village of South Elgin.


N LaFox Road is Illinois Route 31, the primary north-south commercial spine through the Fox River Valley, connecting South Elgin to Elgin, St. Charles, Geneva, and Batavia. The site is minutes from Route 25, McLean Boulevard, Randall Road, and Route 20, and serves South Elgin, Elgin, Bartlett, Wayne, St. Charles, Campton Hills, and the greater Fox Valley market of Kane County. Panton Mill Station, a 100-unit rental community completed in 2020, sits about 1,000 feet south on the same street.